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Diamondback Energy Raises 2016 Production Guidance

Diamondback Energy Inc. on Monday raised its production guidance for 2016, introduced a 2017 outlook and said it is no longer pursuing talks on an acquisition. "Diamondback's continued strong well performance and increased completion cadence during the third quarter reflects our ability to turn our growth engine back on into a rising commodity price after reducing completion activity in early 2016," chief Executive Travis Stice said in a statement. The company is now expecting production growth in 2017 of more than 30% at the midpoint compared to updated 2016 expectations. For 2016, it expects to produce 41 to 42 thousand barrels of oil equivalent, up 6% from the midpoint of July guidance. Shares were not yet active premarket, but are up 42% in the year so far, while the S&P 500 has gained 5%.